On Wednesday 4 May the Bank announced that the Directors had ratified the mandate letter signed on 7 April with the International Finance Corporation (IFC), a member of the World Bank Group.
The letter notes that IFC have proposed to invest in FIMBank by way of a subordinated long-term convertible loan of up to USD10 million. This USD10 million loan is convertible into FIMBank shares during the next five years. The proposed convertible loan is available to FIMBank to expand its operations by establishing up to five joint venture factoring and forfaiting companies. Moreover, the letter states that FIMBank will also have the facility to participate in IFC’s global trade facility for an amount of a further USD5 million.
The proposed investment by IFC, however, depends on a number of factors, namely: